Memorandum of understanding

Topic

A memorandum of understanding (MoU) is a formal agreement between two or more parties that expresses a convergence of will and indicates an intended common line of action. It is often used in situations where the parties do not imply a legal commitment or cannot create a legally enforceable agreement. It serves as a more structured alternative to a gentlemen's agreement, outlining shared goals and expectations before a final contract is drafted.